Meritage may use note proceeds to buy back, redeem 1.875% convertibles

By Angela McDaniels

Tacoma, Wash., May 22 – Meritage Homes Corp. may repurchase or redeem its 1.875% senior convertible notes due 2032, according to a company news release.

The company plans to offer $300 million of senior notes due 2027 and use the proceeds to repay outstanding borrowings under its revolving credit facility and for general corporate purposes, which may include, among other things, the repurchase, tender for or redemption of the convertibles.

The convertibles are putable and callable in September.

Meritage is a homebuilder based in Scottsdale, Ariz.

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